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Macy's Returns to Profit, Helped by Lower Costs

Tuesday, 23 Feb 2010 08:54 AM

Macy's returned to a fourth-quarter profit as lower expenses helped the department store operator even as sales dipped.

During the holidays, Macy's kept a tight lid on inventory to avoid having to clear items out at steep discounts, which cost it in 2008.

The nation's second-largest department store chain expects 2010 profit in range of analysts' views.

Macy's earned $466 million, or $1.10 per share. Adjusted profit was $1.40 per share, which beat Wall Street's $1.32-per-share estimate.

Last year's fourth quarter included hefty charges totaling 30 cents per share.

Sales slipped 1 percent to $7.85 billion, but met analysts' expectations.

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Macy's returned to a fourth-quarter profit as lower expenses helped the department store operator even as sales dipped.During the holidays, Macy's kept a tight lid on inventory to avoid having to clear items out at steep discounts, which cost it in 2008.The nation's...
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